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The lure of raising rents to profit from the City’s real estate boom, or of selling once affordable co-op units for market-rate prices is an ever-present threat to this critical portfolio. Nearly 20,000 of the City-supervised co-ops and rentals in New York City’s storied Mitchell-Lama buildings have left the program since 1989. NEW YORK-Mayor Bill de Blasio today announced a new Mitchell-Lama Reinvestment Program to protect the long-term affordability of the City’s remaining Mitchell-Lama developments. Link to New York City official website press release here. “I applaud the efforts of Mayor de Blasio, HPD and HDC for creating a vital program that has not only generated auspicious results in the past, but more importantly, will allow New Yorkers to remain in our City.” I have witnessed firsthand the successful implementation of a similar program at Keith and Kelly Plaza, two Mitchell-Lama Developments in my district, where residents saw a complete overhaul of their housing accommodations which greatly improved their quality of life,” said State Senator Gustavo Rivera. “With our City facing an affordable housing crisis, an initiative such as the Mitchell-Lama Reinvestment Program is critical in ensuring that affordable homes across the five boroughs are adequately preserved for future generations of New Yorkers. Octo– Key piece of City’s accelerated 300,000-apartment affordable housing plan will invest $250 million to protect 15,000 Mitchell-Lama apartments at risk of flipping to market-rate